J.P. Morgan to sell physical commoditees unit

ChristinaRexrode

NEW YORK (MarketWatch) - J.P. Morgan Chase & Co.
JPM, -0.62%
confirmed Wednesday it plans to sell its physical commodities business to Mercuria Energy Group Ltd. for $3.5 billion in cash. The deal is expected to close in the third quarter, subject to regulatory approvals. J.P. Morgan said it will continue to provide "traditional banking activities" in the commodities markets, such as the vaulting and trading of precious metals. Regulators have been looking into banks' holdings of physical commodities, amid concern that banks could be rigging prices. The expected sale was previously reported by The Wall Street Journal.

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